Provention Bio (NASDAQ:PRVB) Shares Down 14.2%

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Shares of Provention Bio Inc (NASDAQ:PRVB) traded down 14.2% during trading on Thursday . The company traded as low as $8.15 and last traded at $8.29, 2,896,271 shares traded hands during trading. An increase of 591% from the average session volume of 419,190 shares. The stock had previously closed at $9.66.

A number of analysts have recently commented on the stock. HC Wainwright restated a “buy” rating and set a $20.00 target price (up previously from $8.00) on shares of Provention Bio in a report on Wednesday, June 26th. Chardan Capital began coverage on shares of Provention Bio in a research note on Monday, June 10th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Leerink Swann upped their price target on shares of Provention Bio from $17.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $16.75.

The stock’s 50 day moving average is $9.66 and its 200-day moving average is $7.00.

Provention Bio (NASDAQ:PRVB) last issued its earnings results on Tuesday, August 6th. The company reported ($0.32) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.02). On average, equities analysts expect that Provention Bio Inc will post -1.22 earnings per share for the current year.

In other Provention Bio news, Director Anthony Digiandomenico bought 10,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $9.09 per share, with a total value of $90,900.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ashleigh Palmer bought 10,600 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average cost of $9.15 per share, with a total value of $96,990.00. The disclosure for this purchase can be found here. 19.60% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Provention Bio by 80.6% during the 2nd quarter. Vanguard Group Inc. now owns 879,001 shares of the company’s stock valued at $10,636,000 after purchasing an additional 392,383 shares during the last quarter. BlackRock Inc. increased its holdings in Provention Bio by 1,221.9% in the 2nd quarter. BlackRock Inc. now owns 325,691 shares of the company’s stock worth $3,941,000 after acquiring an additional 301,052 shares in the last quarter. Anson Funds Management LP purchased a new stake in Provention Bio in the 2nd quarter worth approximately $1,928,000. Eversept Partners LP purchased a new stake in Provention Bio in the 2nd quarter worth approximately $891,000. Finally, Sigma Planning Corp purchased a new stake in Provention Bio in the 2nd quarter worth approximately $701,000. 5.61% of the stock is owned by institutional investors and hedge funds.

About Provention Bio (NASDAQ:PRVB)

Provention Bio, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics and cutting-edge solutions to intercept and prevent immune-mediated diseases. Its products candidates include PRV-031 teplizumab and monoclonal antibodies (mAb) that is in Phase III clinical trial for the interception of type one diabetes (T1D); PRV-6527, oral CSF-1R inhibitor, which is in Phase 2a clinical trial for the treatment of Crohn's disease; PRV-300, anti-TLR3 mAb, which is in Phase 1b clinical trial for the treatment of ulcerative colitis; PRV-3279 for the treatment of lupus; and PRV-101, a multivalent coxsackie virus vaccine for the prevention of acute Coxsackie Virus B Vaccine and the prevention of the onset of T1D.

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